Strait of Hormuz remains closed; Saudi & Oman as primary gateways; Capacity constraints raise costs; Airspace partially reopening

05.03

Sharp increase in oil prices

The escalation in the Middle East conflict has caused a sharp rise in global oil prices. Brent crude, a key global oil benchmark, has surged to $80–$85 per barrel as of 4 March 2026, up from $75 per barrel on 2 March 2026 before the conflict escalated. Prior to the attacks, Brent crude was priced around $70–$75 per barrel, rising $10–$15 per barrel in just a couple of days.

Experts predict that prices may reach $100 per barrel or higher, with some forecasts suggesting Brent crude could surpass $120 per barrel in extreme scenarios.

Source: ABC News https://abcnews.com/Business/iran-war-impact-us-economy/story?id=130749101

05.03

Saudi Arabia is starting to shift crude exports to its Red Sea hub at Yanbu as disruptions in the Strait of Hormuz constrain Gulf shipments.

https://finance.yahoo.com/news/saudi-arabia-starts-shift-crude-112800163.html

05.03

20,000 seafarers stranded in the Gulf

IMO Secretary-General and ICS Chairman highlight the plight of crew trapped in the region: The Iran’s Islamic Revolutionary Guard Corps (IRGC) claim to control the Strait of Hormuz and have threatened to burn any ships that try to pass through the waterway. However, legally the waterway connecting the Arabian Gulf to the Gulf of Oman remains open. At least 10 commercial ships have either been struck or involved in near misses in region since the 28 February.

Source: https://www.seatrade-maritime.com/crewing/20-000-seafarers-stranded-in-gulf-imo-secretary-general

06.03

60 French Ships Stalled in Arabian Gulf, Red Sea Amid Military Escalation

Paris, March 6 (SANA) French Transport Minister Philippe Tabarot announced Friday that 60 French ships are currently stalled in the Arabian Gulf and the Red Sea due to escalating military tensions in the region.

Source: https://sana.sy/en/economic/2300753/

06.03

Saudi Arabia joins Greece, Egypt, Georgia, Oman, Cyprus, and others in emerging as key diversion hubs and routing corridors as airlines bypass the Middle East amid rising conflict.

Source: https://www.travelandtourworld.com/news/article/saudi-arabia-joins-greece-egypt-georgia-oman-cyprus-and-others-in-emerging-as-key-diversion-hubs-and-routing-corridors-as-airlines-bypass-central-middle-east-amid-rising-conflict-everything-you-n/

06.03

Some GCC carriers restarted limited operations; UAE and Oman partially open allowing selective cargo uplift.

UAE airports and airlines are gradually resuming operations following recent regional disruptions. While limited flights have restarted across Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, and Fujairah, passengers are advised to travel only with confirmed bookings.

Source: https://gulfnews.com/business/aviation/uae-flight-status-march-6-what-travellers-need-to-know-about-limited-services-1.500465031